SomaBull • 28 Comments
Christopher De Sousa
Tue, Mar. 22, 10:10 AM
- Rubicon Minerals (RBY -30.6%) says there is significant doubt about its ability to continue as a going concern after it breached a loan covenant related to its Phoenix gold project.
- RBY, which in January had to cut the gold reserve estimate for its Phoenix mine in Ontario by 86%, says it continues to evaluate strategic options and is in talks with lenders.
- RBY says it had negative working capital of ~C$180M as of year-end 2015.
Tue, Jan. 12, 5:55 PM
- Rubicon Minerals (NYSEMKT:RBY) says NYSE has suspended its trading and is commencing a delisting process for the company's common stock.
- The move comes due to low selling price. Shares crumpled 70% yesterday after the company cut its estimates for gold reserves at its Ontario Phoenix mine by 86% and said it was exploring strategic options.
- The company will continue to be listed on the Toronto exchange, and it expects to continue to trade on pink sheets as RBYCF; shares fell 40% today in Toronto to settle at C$0.03.
- Previously: Rubicon Minerals cuts gold estimate by 86%, considers sale (Jan. 11 2016)
Mon, Jan. 11, 1:32 PM
- Rubicon Minerals (RBY -68.7%) shares collapse after the miner cuts its estimate for gold reserves at its Phoenix mine in Ontario by 86% and says it is evaluating strategic options including a sale.
- RBY now says inferred gold reserves at the mine totals ~300K oz., citing new drilling information and changes in modeling; it had estimated 2.2M oz. of inferred gold reserves in 2013.
- Analysts at Mackie Research say they are "totally shocked... particularly after so many engineering firms have reviewed the data. Not only is this a huge negative development for RMX, but is it also a huge black eye for the industry."
Nov. 3, 2015, 12:37 PM
- Rubicon Minerals (RBY -53.6%) is cut in half after saying it suspended underground activities at its Phoenix gold project in Ontario and that it needs to go back to the drawing board.
- RBY says the geology at the F2 gold discovery at Phoenix is more complex than expected and needs more study, which has caused concern among some analysts and investors.
- With underground work halted, RBY says it is laying off ~200 employees and 110 contractors, or 87% of its work force.
- Last month, RBY halted its mill operations at Phoenix due to environmental problems and replaced CEO Michael Lalonde; the mill resumed operations last week.
Oct. 5, 2015, 3:13 PM
- Rubicon Minerals (RBY -32%) is maintained as a Speculative Buy but with a $1.35 price target, reduced from $1.75, at TD Securities even after the miner announced it had temporarily suspended milling operations by Ontario's environmental regulator and CEO Mike Lalonde had left the company.
- Despite the problems, TD says RBY is close to commercial production at a high grade gold project in a premier mining jurisdiction; risks remain, including to the balance sheet, but they are discounted in the stock price, and the firm adds that RBY could be a takeover target at its current valuation.
Oct. 5, 2015, 8:59 AM
- Rubicon Minerals (NYSEMKT:RBY) -14.2% premarket after announcing it has temporarily suspended mill operations at its Phoenix gold project after regulators order it to treat elevated ammonia levels, discharge water from the tailings management facility and upgrade the TMF.
- RBY says it discharged an initial volume of treated effluent on Sept. 30 and believes it can resume mill operations "in a timely manner."
- RBY also says CEO Michael Lalonde has left the company, and appoints director Michael Winship as interim President and CEO.
Apr. 15, 2015, 3:27 PM
- Rubicon Minerals (RBY +10.4%) says the development and construction of its Phoenix Gold Project in Red Lake, Ontario, is on schedule for projected initial production in mid-2015.
- RBY says the mill commissioning process has started ahead of schedule and is expected to continue throughout Q2.
- RBY says it has completed 85% of the original underground development planned prior to the start of projected initial production.
Dec. 19, 2014, 12:45 PM
Sep. 25, 2014, 11:55 AM
- Rubicon Minerals (RBY +7.8%) says new results from its 38K-meter infill drilling program continues to confirm expectations of the F2 Deposit at its Phoenix gold project in Ontario.
- RBY says it has completed 124 holes, which means the drilling program is nearly 60% completed, and the continuity of the mineralization is being confirmed.
- RBY expects first gold at the Phoenix project within a year.
Jun. 23, 2014, 8:24 AM
- Rubicon Minerals (RBY) +5.2% premarket after reporting results for its infill drilling program continue to increase confidence in the F2 deposit at the Phoenix gold project in Ontario.
- RBY says it plans to complete 38K meters of infill drilling in 2014, with the primary purpose of converting inferred mineral resource ounces to the drill indicated category; RBY says it has completed 39 holes for 7,047 meters of drilling from the program as of May 31.
Feb. 20, 2014, 12:47 PM
Feb. 11, 2014, 3:39 PM
- Royal Gold (RGLD +3.9%) enters into a $75M gold stream transaction with Rubicon Minerals (RBY +3.4%) that will finance a significant portion of the construction of RBY's Phoenix Gold Project in Ontario.
- RGLD will make advance deposit payments totaling $75M in five installments over the next 12 months toward the construction of Phoenix Gold; RBY will sell and deliver 6.3% of any gold produced from the project until 135K oz. have been delivered, and 3.15% thereafter.
Jan. 21, 2014, 12:47 PM
Oct. 17, 2013, 9:12 AM
Jul. 2, 2013, 12:45 PM
Mar. 12, 2013, 3:07 PM
Rubicon Minerals (RBY +11%) agrees to negotiate with the Wabauskang First Nation on development of RBY's Phoenix Gold project in Ontario. RBY and the Ontario government agree to postpone their application for judicial review of a production closure plan.| Mar. 12, 2013, 3:07 PM